Frazier suffered the injury during the Nittany Lions' 85-60 loss to Akron in Puerto Rico. The senior played just six minutes before leaving the game with the injury.
"I have no doubt he will meet this challenge and will again be one of the top players in the nation," Penn State coach Patrick Chambers said in a statement.
Fortunately for Frazier, who had surgery Tuesday, and the Nittany Lions, he is eligible for a medical redshirt, according to Brown.
In four games this season, Frazier averaged 16.3 points, 4.5 rebounds and 3.8 assists per game. Those numbers would have been higher had he not scored one point during Sunday's loss when he was injured. He scored 23 points apiece in the first two games of the year.
Last season, Frazier was one of Penn State's most importance offensive pieces. He averaged 18.8 points in 37 minutes per game. He also averaged more than six assists per game. Frazier accounted for 58 percent of the Nittany Lions' offense last year, which led the nation, according to Brown.